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Insurance firms look to go digital to tap into millennial market
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A woman walks by the Allianz logo. (Kontan/ Fransiskus Simbolon)
T
he life insurance industry is looking to technological innovation to tap into Indonesia’s growing middle-class millennial market, which is expected to propel the sector’s growth over the next few years.
Sun Life Financial Global CEO Dean A. Connor said recently that he saw “tremendous potential” in the Indonesian market given the rapidly increasing middle-income population.
World Bank data also suggests that Indonesia will soon attain upper-middle income status, as the country’s per capita income reached US$3,846 in 2017.
Connor said the middle-class market segment the company had been particularly “aggressive” in its efforts to reach was millennials, a tech-savvy generation aged between 20 and 34 years old that now accounts for around 34 percent of the country’s total population of 255 million.
Globally, he claimed that of the company’s $1 billion in total investment in technology, at least $111.53 million would be invested in building digital systems and data-based tools to reach this segment.
“We are now making notes on millennials and how they want to be served. They want it to be a digital experience,” Connor told reporters.
Last February, life insurer Allianz Life Indonesia also began catering to its client’s digital needs through its application Allianz Discover. As quoted in a press statement, the insurer’s president director, Joos Louwerier, said the application was aimed at simplifying the purchasing process and improving the dissemination of information about insurance to the public.
